Nypro building second Hungarian plant
CLINTON, MASS. - Injection molder Nypro Inc. said Dec. 11 that it is building a facility in Hungary for painting and assembly, its second in the central European country.
The plant, in Nagyigmand, will be a 20,000-square-foot facility that at first will focus on the telecommunications and electronics peripherals markets in Europe, said Nypro spokesman Al Cotton. The operation will handle components for mobile phones, printer cartridges and auto parts, according to the company.
Clinton-based Nypro established a joint venture injection molding plant in Tata, Hungary, last year with Karsai Holdings plc, a Hungarian company. That same joint venture will operate the new plant, which is 20 miles from Tata.
``We are getting more business than we can handle at the current facility,'' Cotton said.
The new operation, which will cost more than $1 million, will be highly automated, and will be capable of supporting molding machines, if needed, he said.
Nypro said painting and assembly is the fastest-growing part of its value-added services. The company has painting at more than a dozen of its plants worldwide.
Optimum builds plant, to add equipment
DELAWARE, OHIO - Optimum Plastics Inc. is investing about $4 million to build and equip a 65,000-square-foot facility, including a fourth extrusion line.
By June, Optimum intends to be fully operational at the new site. The Delaware-based firm gradually will transfer operations from a leased, 22,000-square-foot building and a Columbus, Ohio, warehouse.
The city agreed to abate 100 percent of Optimum's real property taxes and 30 percent of personal property taxes over 10 years, said Gus Comstock, economic development coordinator. That amounts to $45,000 annually. Under the agreement, Optimum is obligated to reimburse $17,200 per year to local schools. The city with $175,000, company with $80,000 and Ohio Department of Development with $60,000 will fund roadway and railroad right-of-way improvements, Comstock said.
Optimum employs 39 and has agreed to create 16 new jobs. The firm operates three Battenfeld-Gloucester coextruded blown film lines and two Corotec Corp. corona treaters and has annual sales of about $12 million.
Toledo Molding receiving tax credit
TIFFIN, OHIO - Toledo Molding & Die Inc. will receive nearly $175,000 worth of tax credits from the state of Ohio as it builds a new Tiffin facility, replacing an existing site in Sycamore, Ohio.
The Ohio Tax Credit Authority approved a 60 percent, seven-year tax credit to the company Dec. 9 for the work, adding 65 jobs and transferring another 147 positions now in Sycamore. The plant has injection molding and blow molding, producing heating and air-conditioning ducts and components for the auto industry, with Visteon Corp. as its major customer.
The company had considered placing the plant at various other sites in Mississippi, Tennessee and Alabama, state officials said.
The company will invest about $8.6 million for a 192,000- square-foot building on 25 acres in Tiffin and another $5.4 million in new machinery and equipment.
Sun Capital seeking buyer for Nailite
MIAMI - Nailite International Inc. expects to have a new owner within the next six weeks, according to the company's president.
Sun Capital Partners Inc. purchased the Miami-based molder of injection molded siding panels in 1997, and is ready to get a return on its investment, officials said.
``Nailite has progressed to the point where it's doing really well,'' Nailite President Howard Wasserman said in a Dec. 10 telephone interview. ``It has double-digit growth in sales and profits for the fourth consecutive year.''
Boca Raton, Fla.-based Sun Capital specializes in leveraged buyouts of underperforming firms. Industry sources said potential bidders may include other investment groups, but Wasserman gave no hints. Sun Capital officials did not return calls.
Nailite consolidated into one 104,000-square-foot facility last year, which it rents. The firm has more than 200 employees, and has been in operation for more than 20 years. Prior to Sun Capital, several private investors owned Nailite, Wasserman said.